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SEC Will Consider Universal Proxy Ballot Rulemaking

During a wide-ranging speech on corporate governance issues before a meeting of the Society of Corporate Secretaries and Governance Professionals in Chicago, Securities and Exchange Commission Chairman Mary Jo White hinted at where agency rulemaking is under consideration on some hotly contested proxy matters.

Although no timetable was set, White, addressing he group on Thursday, said the SEC will, in time, propose rules for universal balloting.

There has been renewed discussion about whether current proxy rules provide shareholders with a sufficient range of choices in election contests if they are voting by proxy, rather than in person at a company’s annual meeting, White explained. In a contested director election, it is not generally...

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